Russia is preparing a major change in the digital finance sector that will directly affect the lives of millions of teenagers. The Central Bank of the Russian Federation has put forward an initiative limiting the financial independence of citizens aged 14 to 18. According to the draft, minors will no longer be able to open electronic wallets on their own without written permission from their parents or guardians.

Fighting "droppers" as the main goal

The initiative is part of a new anti-fraud package of measures "Anti-fraud 3.0", which is currently at the stage of public discussion. Regulator experts explain the need for such strict measures as a fight against so-called "droppers" — front persons whose accounts are used to withdraw stolen money.

Teenagers often become easy targets for scammers precisely because of the availability of electronic wallets. Unlike bank cards, wallets do not require opening a full-fledged account and could previously be registered without anyone's control. The Central Bank sees this as a serious risk of involving minors in criminal financial schemes.

How this will change the lives of schoolchildren

If the initiative is adopted, the procedure for accessing digital money will become more complicated. A teenager will first have to obtain official consent from their parents before they can use such a tool. The new rules will cover a wide range of services:

  • Prepaid cards;
  • Wallets on marketplaces;
  • Built-in payment systems in messengers;
  • Delivery services.

This creates certain inconveniences, considering that electronic wallets are one of the most popular payment methods among young people. It is through them that schoolchildren are used to topping up their balance on gaming platforms like Steam, paying for subscriptions, and using other online services.

Ministry of Digital Development against: the department requires revision

The Central Bank's initiative has not received unanimous support. The Ministry of Digital Development, Communications and Mass Media of Russia stated that it is not ready to support the project in its current form. The department emphasized that it would join the discussion only after revising the proposals and coordinating with other state structures. This indicates that the final format of regulation may be changed before adoption.